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Centro NP's loans were packed into 13 commercial mortgage- backed securities that were also sold by Merrill Lynch & Co., Fitch Ratings said Jan. 4 in a statement. Centro Properties last year became the fifth-largest U.S. mall owner buying the U.S. trust, formerly New Plan Excel Realty Trust, for $3.7 billion.

``Fitch does not expect any potential rating changes as a result of the Centro NP downgrade,'' Fitch Ratings said in the release with reference to the mortgage-backed securities.